Congratulations / Survey Winner – David & Carolyn – August

General Mark Goode 1 Sep

Congratulations to David & Carolyn on winning the $100 gift card, and thank you for taking the time to fill out our survey, your feedback is greatly appreciated! Enjoy your next meal on us and if you are wondering how to get your name into the draw, it’s simple, just click the online survey located on our website for your chance to win your next meal or date night on us!

Mark Goode – AMP

Mortgage Man – Dominion Lending Centres

Mark Goode AMP / MarkGoode.ca / 705-326-8523 / 1-866-326-8523 / 180 Memorial Avenue Orillia, ON

Congratulations / Survey Contest Winner – Derek – April

General Mark Goode 11 Apr

Congratulations to Derek on winning the $100 gift card, and thank you for taking the time to fill out our survey, your feedback is greatly appreciated! Enjoy your next meal on us and if you are wondering how to get your name into the draw, it’s simple, just click the online survey located on our website for your chance to win your next meal or date night on us!

Mark Goode – AMP

Mortgage Man – Dominion Lending Centres

Mark Goode AMP / MarkGoode.ca / 705-326-8523 / 1-866-326-8523 / 180 Memorial Avenue Orillia, ON

Congratulations / Survey Winner – Terry – December

General Mark Goode 27 Jan

Congratulations to Terry on winning the $100 gift card, and thank you for taking the time to fill out our survey, your feedback is greatly appreciated! Enjoy your next meal on us and if you are wondering how to get your name into the draw, it’s simple, just click the online survey located on our website for your chance to win your next meal or date night on us!

Mark Goode – AMP

Mortgage Man – Dominion Lending Centres

Mark Goode AMP / MarkGoode.ca / 705-326-8523 / 1-866-326-8523 / 180 Memorial Avenue Orillia, ON

New Mortgage Rules Take Effect October 17th 2016

General Mark Goode 4 Oct

The new mortgage QUALIFYING RATE for all high ratio mortgages (high ratio meaning less than 20% down) must now qualify at the Bank of Canada rate of 4.64% even with a fixed mortgage rate. This change becomes effective as of October 17th 2016. Any purchases approved prior to this date will not be affected by this change.

 

Thank you, Mortgage Man – Dominion Lending Centres – Top Mortgage Broker in Orillia

 

Mark Goode AMP / MarkGoode.ca / 705-326-8523 / 1-866-326-8523 / 180 Memorial Avenue Orillia, ON

All credits and copyrights to their respectful owners – Mortgage Man Team – MMDLC

Congratulations / Survey Contest Winner

General Mark Goode 23 Aug

Congratulations to Emma & Quinton on winning the $100 gift card, as their name has been drawn for completing the survey supplied by our company / shown on our website. Enjoy your next date night out on us and if you are wondering how to get your name into the draw, it’s simple, just click the online survey located on our website for your chance to win  your next date night on us!

 

Mark Goode

AMP – Mortgage Man Dominion Lending Centres

New Down Payment Rules!

General Mark Goode 18 Aug

If your buying your first home or this is your third home purchase having the best understanding and knowledge of the new Mortgage rules is crucial! so that you are not left feeling out of the loop, shocked or even defeated before shopping the Markets.

 Canada Mortgage and Housing Corporation (CMHC) have changed the rules on how much down payment is needed for homes with a purchase price of $500K or higher, making it a blessing in disguise for some but not for all! Generally, this will not be a concern for first time home-buyers as we find the purchase price is never greater than the $500K range, unless they are a move up buyer, (someone who buys a house that is larger and more expensive than the house they already own.)

 

What does the new down payment look like?

CMHC is now asking to see 5% down on the first $500K and 10% down on the remaining amount that does not exceed $999,999, any amount that is greater than this becomes 20% down, which is a large amount of money to be putting down especially in the Vancouver and Toronto Markets, as these homes have increased significantly in price. Just to give you a visual of what the break down would be, see our example below; 

 

$700,000 Home

5% down on the first $500K               $25,000

10% down on remaining $200K            $20,000

For a total Down payment of               $45,000

That’s an increase of $10K

 

When looking at these new rules it isn’t always a negative affect as much as it might feel, Rob Carrick author for The Globe and Mail explains, ” If we cool the Market a little bit, as the new down payment rule is designed to do, the risk of a pullback is at least somewhat reduced. It’s hugely important for the government to get this right because so much of the nation’s wealth is tied up in home equity. Boomers in particular are living in homes that have increased many times in value. A big decline in house prices would be a shocking setback to these people and could negatively affect their financial health in retirement.”

 

Keep checking back to our blog for more Mortgage updates.

Thank you, Mortgage Man – Dominion Lending Centres – Top Mortgage Broker in Orillia.

 

Mark Goode AMP / MarkGoode.ca / 705-326-8523 / 1-866-326-8523 / 180 Memorial Avenue Orillia, ON

All credits and copyrights to their respectful owners – Brittny S – MMDLC